Gold stalling around 1,700. Buy cautiously at the moment Trend News

Technical outlook and chart setups:

The overall bullish structure, as depicted on the daily chart view here, remains unchanged for now. Furthermore, the prices are wanting to break above 1,700 mark towards 1,740/50 levels at least. If it fails, it may bring the prices down to the 1,635/40 mark before rallying further up. 1,626.00 has been defined as major support and till the prices stay above it, Gold remains buy on dips. Intermediary resistance is at 1,690/95, as immediate; bulls need to clear that to rally further up.

Trading recommendations:

Hold on the long positions, stop is at 1,630.00, and target is open.

Good Luck!

The material has been provided by Instaforex Company - http://www.instaforex.com/



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